Twitter shares are getting pounded again on reports that bidders have lost interest
Drew Angerer/Getty Images
Bloomberg reported on Friday that potential suitors including Google, Salesforce, and Walt Disney are unlikely to make a bid. Citing a person familiar with the matter, the report said a board meeting that was scheduled with outside advisers to discuss a sale was cancelled on Friday.
Twitter shares fell by as much as 13% to $17.22. The stock has lost 25% of its value this year, and is below the initial public offering price of $26 when it went public in November 2013.
The company is reportedly looking for a buyer as it struggles to grow its user base, and as it makes a big push towards live video streaming.
Salesforce CEO Marc Benioff suggested last Thursday that he was not interested in buying "a company that shall not be named," which by all indications was Twitter. Salesforce investors applauded the remarks, sending the stock up 4% after the comments.And in a note late in September, Citi analysts laid out the case against a Disney/Twitter tie up. They cited the failed AOL/Time Warner deal to illustrate that mergers between tech and traditional media companies do not usually work out.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas